I opened an 5 month fixed term ac with EBS which is due to mature at end february. Im starting to panic now as I dont have any access to it until its maturity date and Im wondering will it be there for me next year if the IMF step in.....any advise on what to do?
EBS 100k deposit
- Thread starter pennies
- Start date
In previous situations where the IMF had to step in the depositors funds remained intact, it is in nobodys interest least of all the IMF or the Europeak pro Euro currency bureaucrats to have either a run on Irish banks / deposits or to attempt to seize deposits so relax your money will be there...
During 5-7 live this evening on radio 1 they discussed the security of the Deposit Protection scheme in the event of the IMF coming in and it was pointed out that all deposits are safe (up to 100k) of course as the guarantee is tied in...in some way with the ecb or eu in someway.
Sorry for this being a bit jumbled but maybe someone else can clarify what exactly was said in that report.
Sorry for this being a bit jumbled but maybe someone else can clarify what exactly was said in that report.
EBS have large liquidity from the ECB. The ECB are no longer providing additional liquidity to some Irish banks due the lack of loans to repo.
If there is an agreement between the Irish government and the IMF/EC/UK then liquidity will be provided from IMF/EC/UK to the Irish government to EBS.
So, if there is an agreement, then 99%+ likely your deposit will be safe as fresh liquidity will be provided. The same cannot be said, in the seemingly unlikely event, that an agreement is not reached or if there is lengthy protraction.
If there is an agreement between the Irish government and the IMF/EC/UK then liquidity will be provided from IMF/EC/UK to the Irish government to EBS.
So, if there is an agreement, then 99%+ likely your deposit will be safe as fresh liquidity will be provided. The same cannot be said, in the seemingly unlikely event, that an agreement is not reached or if there is lengthy protraction.
Also just be careful of the exact maturity date because I have a 15 months a/c with them and if I don't infom them of what to do with the funds on or before maturity they will just reinvest it in another 15 month a/c. without my consent.
Better have a plan then. I also know that they are required to write to you to inform you when your fixed account matures. The agency office of the EBS where I have an account definitely do not write to you to let you know date of maturity.